Singapore economy contracts 1.4% in Q1 | via @rapplerdotcom

Photo by Niti Chuysakul/Shutterstock.com SINGAPORE, Singapore - Singapore's trade-driven economy shrank in the first quarter as demand for exports remained weak, but a robust construction sector cushioned the decline, preliminary government estimates showed Friday, April 12. Gross domestic product (GDP) for the three months to March contracted 1.4% from the preceding quarter, weighed down by an 11.3% shrinkage in the manufacturing sector, the Ministry of Trade and Industry said. But construction surged 15.1%, fuelled by a building frenzy in the housing market, and services climbed a modest 1.8%. On a year-on-year basis, GDP declined 0.6%, the ministry said in a statement releasing preliminary estimates for the quarter based on two months of data. The trade ministry said the contraction in manufacturing -- which accounts for about a quarter of the trade-reliant economy -- r...